Kuwait plans second sovereign wealth fund

Kuwait is preparing to launch a sovereign wealth fund in order to boost the local economy.

The fund, to be called Ciyada, will be the country’s second state owned wealth fund.

The Kuwait Investment Authority is estimated to be the fifth largest SWF in the world with assets in the region of US$800 billion.

According to government sources cited by Reuters, the new fund will aim to bring in foreign direct investment in order to help accelerate the country’s plans to reduce its reliance on oil revenues.

As of yet there are no details on the planned size of the fund or any target sectors for its capital, other than the news that the Ministry of Finance and the KIA have been asked to study the plans.  

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